Sunland Corporation has income from continuing operations of $270,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $87,000 on available-for-sale securities A gain of $40,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $50,000 gain on disposal) Assume all items are subject to income taxes at a 10% tax rate Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income (Enter loss using either a negative sign preceding the number eg-2,945 or parentheses eg (2.945))

Sunland Corporation has income from continuing operations of $270,000 for the year ended December 31, 2022. It also has the following items (before considering income taxes). 1. 2. An unrealized loss of $87,000 on available-for-sale securities A gain of $40,000 on the discontinuance of a division (comprised of a $10,000 loss from operations and a $50,000 gain on disposal) Assume all items are subject to income taxes at a 10% tax rate Prepare a partial income statement, beginning with income from continuing operations, and a statement of comprehensive income (Enter loss using either a negative sign preceding the number eg-2,945 or parentheses eg (2.945))

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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